Since the New Patriotic Party (NPP), with its presidential candidate, Nana Addo Dankwa Akufo-Addo, won the 2016 and 2020 General Elections, a lot has changed in terms of running the affairs of this country.
The rather slow-paced growth of the economy appreciated shortly in the first term of the government, allowing it, though under the International Monetary Fund (IMF) conditionalities it inherited from the previous National Democratic Congress (NDC) government, to roll out key programmes and policies like the Free Senior High School and Planting for Food and Jobs.
The government inherited a growth rate of 3.7% in 2016. By the end of 2017, the first year of the Akufo-Addo government, the growth rate had increased by about 5 to 8.5%. It moved down to 6.3% in 2018, and went up to 6.5% in 2019.
At the end of 2020, the peak of the COVID-19 pandemic, the growth shrunk to 0.51%. At the end of 2021, it was 5.4%, with an estimated 3.5% for 2022.
The World Bank credits what it describes as “dynamic agriculture and services sectors” for the growth rebound from 0.5% in 2020 to 5.4% in 2021.
Reading the statistics on the growth of the economy under this administration, one would realise that the agriculture sector has been a formidable pillar, giving meaning to the planting For Food and Jobs initiative.
On the contrary, inflation figures are at their highest. The Ghana Statistical Service says inflation has reached an all-time high of 37.2 percent since September, driven primarily by food prices, and Ghanaians are feeling the heat, as the cost of living spirals out of control.
The World Bank recently ranked Ghana as the country with the highest food prices in the entire Sub-Saharan Africa in 2022.
We have not lost sight of the free fall of the local currency, the Ghana cedi, against America’s greenback. The dollar is virtually the medium of exchange for global commerce and business.
The cedi’s depreciation and inflation hikes, coupled with international markets turning their backs against the Ghanaian economy, considering what the data is telling them. It is no joke, as countries with big economies are also feeling the pinch. Number 10 Downing Street, last Friday, sacked its Chancellor of the Exchequer, Kwasi Kwarteng.
Regardless, the lights are still on, water is flowing, fuel is available albeit expensive and infrastructural developments are ongoing across Ghana. Among other things, there is the fluid negotiation with the International Monetary Fund (IMF) for respite.
However, many people have advocated for the President to reshuffle his ministers, nearly six years into office. The advocates argue that some appointees have outlived their usefulness and fresh brains may be needed. This argument has been shot down by the President, who has defended his appointees as being excellent.
President Akufo-Addo says he does not have any basis to sack the Finance Minister, for instance, looking at his performance in the first term. On his ongoing Ashanti Regional tour,the President further argued that the current difficulties are not the fault of Ofori-Atta.
Mr. President, we have heard you quite clearly and admire the level of confidence you have in your appointees. We can only hope that you are being given the true picture of the state of the affairs of the country.
We would have hoped that you would have also listened to the masses that voted for you, to have the first term you referenced, and who again voted for you for the second time.
The Chronicle is in no way challenging your decisions, but only attempting to remind you that the voice of the people is sometimes the voice of God.
We would also like to urge the Ghanaian populace not lose hope in the government during these challenging times, as it is working to calm the storm.
One trait of a good leader is the ability to be firm. However, whether such a trait produces positive or negative outcomes, another characteristic of a good leader is that he or she accepts responsibility for every decision made.
The Chronicle wishes you well, Mr. President!
